The Wiley Oakley Co has just gone public. Under a firm commitment agreement, the company received $20.85 for each of the 6,55 million shares sold. The initial offering price was $22.50 per share, and the stock rose to $29.01 per share in the first few minutes of trading. The company paid $905,000 in legal and other direct costs and $180,000 in indirect costs What was the flotation cost as a percentage of funds raised? (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal place, w.g. 32.16) Flotation cost percentage